It’s easy to say “all hell is going to break loose.” It has felt like that for decades, and yet it hasn’t really happened. If you say “all hell is going to break loose” and it doesn’t, no one really judges you for it, because everyone views it as a reasonable analysis.
That having been said: it looks like all hell may well be breaking loose in 2023.
Two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023, the Davos-organiser said on Monday as business and government leaders gathered for its annual meeting.
Some 18% considered a world recession “extremely likely” – more than twice as many as in the previous survey conducted in September 2022. Only one-third of respondents to the survey viewed it as unlikely this year.
“The current high inflation, low growth, high debt and high fragmentation environment reduces incentives for the investments needed to get back to growth and raise living standards for the world’s most vulnerable,” WEF Managing Director Saadia Zahidi said in a statement accompanying the survey results.
The organisation’s survey was based on 22 responses from a group of senior economists drawn from international agencies including the International Monetary Fund, investment banks, multinationals and reinsurance groups.
The survey comes after the World Bank last week slashed its 2023 growth forecasts to levels close to recession for many countries as the impact of central bank rate hikes intensifies, Russia’s war in Ukraine continues, and the world’s major economic engines sputter.
Definitions of what constitutes recession differ around the world but generally include the prospect of shrinking economies, possibly with high inflation in a “stagflation” scenario.
These are literally things these people did on purpose.
They created all of this inflation during the coronavirus hoax, which was bad, then they raised rates, which made everything much worse. This war against Russia is totally elective. It would have been just as easy to not do it, and no one can explain why we are doing it.
It’s all just nuts. These people are transferring control of the global economy to the Chinese. Apparently, they are comfortable doing this because they think they can go to war with them and get it all back.